Connect with us

Hi, what are you looking for?

Jewish Business News

IPOs

37 Million Users, $34 Million Revenue, Wix Files For $100 Million NYSE IPO


images

DIY website and publishing tools developer Wix.com Inc. filed papers with the US Securities and Exchange Commission (SEC) raise up to $100 million in an initial public offering.

The Israel and US based company, reveals that it has “achieved 14 consecutive quarters of sequential growth in its premium subscriptions, growing revenues from $9.9 million in 2010 to $43.7 million in 2012, while collections grew from $13.8 million to $52.5 million, respectively.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.

For the six months ended June 30th, Wix brought in revenues of “$34.1 million, collections of $41.9 million and a net loss of $10.1 million, during the first half of 2013, up from $7.8 million in the corresponding period.” on the back of its 679, 536 premium subscriptions (as of August 30th).

Behind its continuing growth, the company announced yesterday that it is officially headed to the public markets — the New York Stock Exchange, to be precise — under the symbol “WIX” ticker . The company, did not indicate how many shares it intended to sell or at what price they would sell them.

In June, the company filed confidential papers and a shelf prospectus to raise up to $75 million at a company value of $400 million.

Wix, founded in 2006 by CEO Avishai Abrahami, his brother, Nadav, who serves as VP R&D, and CTO Giora Kaplan, has developed an online platform for people to quickly and easily create their own websites. The company has raised $66 million to date from Benchmark Capital, Bessemer Venture Partners, DAG Ventures, DS Capital, Insight Ventures, and Mangrove Venture Capital.
Wix’s cloud-based tool, provides templates that allow individuals and businesses to build sites in HTML5 via an app market and drag-and-drop editor.

The $100 million IPO will be underwritten and managed by J.P. Morgan Securities, BofA Merrill Lynch, RBC Capital Markets and Needham & Company — with the latter two acting as co-managers.

J.P. Morgan Securities LLC and BofA Merrill Lynch are acting as lead joint bookrunners for the proposed offering. RBC Capital Markets, LLC is acting as other book-running manager and Needham & Company, LLC and Oppenheimer & Co. Inc. are acting as co-managers.

 

 

 

 

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.